Series: APR 2022

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SCS – Apr 2022 – L3 – Q8 – Controlling risk

Explain five factors of internal control that HPC can implement to strengthen governance.

Question

The Accountant advised the CEO that to strengthen governance, the Board should concern itself with the establishment of strong internal control systems. Failures or weaknesses in internal controls will have adverse consequences for HPC’s finances, financial reporting, operational efficiency and effectiveness, or regulatory compliance.

Required:
Write a paper, explaining FIVE (5) factors to the Board the nature of internal controls that could be instituted by HPC to strengthen governance. (10 marks)

Answer

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Tags: Corporate Governance, Governance, Internal Controls, Risk Management
Level: Level 3

Topic: Controlling Risk
Series: APR 2022

SCS – Apr 2022 – L3 – Q7 – Professional practice and codes of ethics

Discuss key governance issues based on Ghana’s Code of Best Practices considering the Board Chairman’s intentions.

Question

In reference to Ghana’s Code of Best Practices in Corporate Governance, discuss FOUR (4) key issues that could determine how well or badly HPC is governed, taking into consideration the intention and business relationship of the Board Chairman. (10 marks)

Answer

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Tags: Best Practices, Board of Directors, Conflict of Interest, Corporate Governance, Ethical Governance
Level: Level 3

Topic: Professional Ethics and Code of Conduct for Auditors
Series: APR 2022

SCS – Apr 2022 – L3 – Q6 – Investment decisions

Compute NPV for two investment options and evaluate potential benefits and difficulties for HPC.

Question

a) For the two strategic development options being considered by HPC, compute:
i) the Net Present Value of Option 1.
ii) the Net Present Value of Option 2.
iii) the Net Present Value for the worst-case outcome for Option 1. (10 marks)

b) Discuss THREE (3) potential benefits and TWO (2) difficulties for HPC of undertaking each of the strategic development options. Your answer should include an evaluation of the calculations of the profitability index of each option. (10 marks)

Answer

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Tags: Investment Analysis, NPV, Profitability Index, Strategic Development
Level: Level 3

Topic: Investment Decisions
Series: APR 2022

SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

Question

In their Annual Business Review meeting, the Board of HPC discussed a report on Internal Controls and Risk Management, presented by the Internal Auditor. The Board Chairman in his comments mentioned that he would have been more comfortable with a Risk Management report categorized according to the Turnbull Report.

Required:
With reference to the Turnbull Report and the comments made by the Board Chairman, write a report discussing EIGHT (8) categories of business risks faced by HPC and recommendations to mitigate the identified risks. (20 marks)

Answer

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Tags: Business Risks, Corporate Governance, Risk Management, Risk Mitigation, Turnbull Report
Level: Level 3

Topic: Identifying and assessing risk
Series: APR 2022

SCS – Apr 2022 – L3 – Q4 – Strategy implementation

Explain why HPC’s decentralized system is preferable to a centralized system.

Question

The Chief Executive Officer is concerned that with the expansion of the operations of HPC to other countries, she would further have to divulge authority and power to other Managers because of how the company would grow in size and complexity.

Required:
Explain to the CEO why HPC’s decentralized system of internal organizational relationship is preferable to a centralized system. (10 marks)

Answer

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Tags: Centralization, Decentralization, Decision Making, Organizational Structure
Level: Level 3

Topic: Strategy implementation
Series: APR 2022

SCS – Apr 2022 – L3 – Q3 – Competitive advantage

Analyse how HPC can achieve competitive advantage using Porter’s six principles when expanding to Nigeria and Togo.

Question

Consistent with its strategic ambition to expand its business into other countries, HPC is considering expanding to Nigeria and Togo.

Required:
Using Porter’s six principles of strategic positioning, analyse how HPC can achieve sustainable competitive advantage if it decides to expand the business to Nigeria and Togo. (10 marks)

Answer

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Tags: Competitive Advantage, International Expansion, Porter’s Principles, Strategic Positioning
Level: Level 3

Topic: Competitive Advantage
Series: APR 2022

SCS – Apr 2022 – L3 – Q2 – Environment analysis

Discuss HPC’s external business environment using PESTEL and evaluate limitations of PESTEL.

Question

favourable or unfavourable to its present survival and future success. The influences (current influences and possible future influences) of the business environment of HPC need to be analysed to ensure that none are over-looked.

Required:

a) Using PESTEL analysis, discuss HPC’s external business environment that appears to be either favourable or unfavourable to its present survival and future success. (8 marks)

b) Discuss TWO (2) limitations of PESTEL as a technique in analysing the environmental influences of HPC. (2 marks)

Answer

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Tags: Business Environment, External factors, PESTEL Analysis, Strategy Analysis
Level: Level 3

Topic: Environment analysis
Series: APR 2022

SCS – Apr 2022 – L3 – Q1 – Strategy, stakeholders and mission

Discuss stakeholder groups' influence on business decisions using Mendelow's matrix.

Question

As part of a review of the strategic position of HPC and its move to expand the business, management identified its major stakeholder groups, their power, and their expectations that could either fast-track or delay the implementation of the decision. These major stakeholder groups are the employees, farmers, regulatory authorities, and customers.

Required:
Using two matrices of approach to stakeholder mapping, discuss and show (with diagrams) the relative significance of stakeholder groups identified and their real and potential influences over HPC and its expansion strategies. (Use the stakeholder position/importance matrix and the stakeholder power/interest matrix – Mendelow matrix.) (10 marks)

Answer

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Tags: Business Strategy, Mendelow Matrix, Power-Interest Matrix, Stakeholder analysis, Stakeholder Mapping
Level: Level 3

Topic: Strategy, stakeholders, and mission
Series: APR 2022

FR – April 2022 – L2 – Q2c – Conceptual Framework for Financial Reporting

Determine the appropriate accounting treatment for a government grant received by Karikari Ltd for the purchase of a new plant and its impact on the financial statements.

Question

c) On 1 June 2020, Karikari Ltd received a Government of Ghana grant of GH¢8 million towards the purchase of a new plant with a gross cost of GH¢64 million. The plant has an estimated life of 10 years and is depreciated on a straight-line basis. One of the terms of the grant is that the sale of the plant before 31 May 2024 would trigger a repayment on a sliding scale as follows:

The directors propose to credit the statement of profit or loss with GH¢2 million (GH¢8 million @ 25%) being the amount of the grant they believe has been earned in the year ended 31 May 2021. Karikari Ltd accounts for government grants as a separate item of deferred credit in its statement of financial position. Karikari Ltd has no intention of selling the plant before the end of its useful economic life.

Required:
Explain with computations, the appropriate accounting treatment of the above transaction in accordance with IAS 20 Government Grants and Disclosure of Government Assistance in the financial statements of Karikari Ltd for the year ended 31 May 2021. (3 marks)

Answer

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Tags: Deferred Income, Government Grants, IAS 20, Plant Depreciation, Profit or Loss Impact, Sliding Scale Repayment
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: APR 2022

FR – April 2022 – L2 – Q2b – Financial Reporting Standards and Their Applications

Prepare extracts for the Statement of Financial Position and Statement of Profit or Loss for Kundugu Ltd in 2020 and 2021, accounting for a lease agreement under IFRS 16.

Question

b) Kundugu Ltd (Kundugu) is a manufacturing company located in the Savannah Region. The reporting date of Kundugu is 31 December, and the company reports under International Financial Reporting Standards (IFRSs). Kundugu intends to expand its production to take advantage of emerging economic activities in the new region.

On 1 January 2020, the company entered into a lease agreement for production equipment with a useful economic life of 8 years. The lease term is for four years, and Kundugu agrees to pay annual rent of GH¢50,000 commencing on 1 January 2020 and annually thereafter. The interest rate implicit in the lease is 7.5%, and the lessee’s incremental borrowing rate is 10%. The present value of lease payments not yet paid on 1 January 2020 is GH¢130,026. Kundugu paid legal fees of GH¢1,000 to set up the lease.

Required:
Prepare extracts for the Statement of Financial Position and Statement of Profit or Loss for 2020 and 2021, showing how Kundugu should account for this transaction. (6 marks)

Answer

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Tags: Depreciation, Finance Costs, IFRS 16, Lease Accounting, Lease Liabilities, Right-of-Use Assets, Statement of Financial Position
Level: Level 2

Topic: Financial Reporting Standards and Their Applications
Series: APR 2022

BCL – Apr 2022 – L1 – Q2a – Contract Law

Discuss entitlement to remuneration under quantum meruit and identify situations where a contract can be discharged.

Question

Kwesi Mensah agreed to write a series of articles for Akem Juvenile Library on costume and ancient armour, to be published by instalments in Junior Graphic. When the work was partly completed up to about 70%, Akem Juvenile Library abandoned the series, without justification and or notice. Two publications have been done in Junior Graphic.

i) Explain whether Kwesi Mensah would be entitled to some remuneration in the circumstance of the facts of the case. (5 marks)

ii) Explain TWO (2) situations in which a contract can be discharged. (5 marks)

Answer

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Tags: Breach of Contract, Contract Discharge, Quantum Meruit, Remedies
Level: Level 1

Topic: Contract Law
Series: APR 2022

BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

Question

Pepo Ghana Ltd operated three accounts at the Arena branch of Coin Bank Ltd. On 27 May 2020, the Financial Intelligence Centre (FIC) in a letter, directed Coin Bank Ltd to freeze all the accounts of Pepo Ghana Ltd.

i) Explain money laundering and explain TWO (2) stages of money laundering. (6 marks)

ii) List TWO (2) anti-corruption institutions in Ghana.

(4 marks)

Answer

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Tags: Anti-Corruption Institutions, Financial Crimes, Money laundering
Level: Level 1

Topic: Contract Law, Public Sector Entities
Series: APR 2022

BCL – Apr 2022 – L1 – Q1a – Sources of Law

Explain the concept of judicial precedent and identify rules for statutory interpretation.

Question

Backed by Statute and Constitution, case law comprises of decisions made in the courts.

i) What is meant by judicial precedent? (6 marks)

ii) State TWO (2) rules used by the court in interpreting statute. (4 marks)

Answer

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Tags: Case Law, Judicial Precedent, Rules of Interpretation, Statutory Interpretation
Level: Level 1

Topic: Sources of Law
Series: APR 2022

BMIS – April 2022 – L1 – Q5b – The internet, cloud computing, IS security and blockchain

Explain four measures to prevent the repetition of a hacking incident in a company’s network.

Question

You are the Chairman of a committee appointed by the Management of your company to investigate the recent hacking of the firm’s computer network and consequent loss of very sensitive information, which disrupted operations for some days.

Required:
State and explain FOUR (4) measures which can be put in place to forestall the repetition of such an incident in the future. (10 marks)

Answer

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Tags: Biometric Systems, Encryption, Hacking Prevention, Intrusion Detection, Network Security
Level: Level 1

Topic: The Internet, Cloud Computing, IS Security and Blockchain
Series: APR 2022

BMIS – April 2022 – L1 – Q5a – Competitive advantage and strategic direction

Explain the concept of the BCG Matrix and its importance in assessing product lines.

Question

Bonus Oil Plantation is a listed company on the Ghana Stock Exchange. For a company with a large portfolio, it is important to assess its product lines regularly to see which products are profitable, which ones are making losses, and which ones need improvement. This practice will help the company to allocate its resources accordingly in order to function more efficiently.

While there are many practices and tools available to accomplish this mission, the CEO has suggested to the Board the BCG Matrix developed by the Boston Consulting Group as a standard.

Required:
At the CEO’s request, explain the concept of the BCG Matrix. (10 marks)

Answer

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Tags: BCG Matrix, Product Portfolio, Resource Allocation, Strategic Planning
Level: Level 1

Topic: Competitive advantage and strategic direction
Series: APR 2022

BMIS – April 2022 – L1 – Q4 – Management and leadership | Motivation

Discuss the benefits of consultative leadership and explain how Maslow’s hierarchy of needs can be applied to motivate employees.

Question

Seagull Ltd supplies mining equipment and devices to mining companies in Ghana. The company intends to achieve its objective of being the market leader in the industry by 2025. The company’s strategy of achieving this objective is based on motivating its employees with adherence to Maslow’s hierarchy of needs and implementing a consultative leadership approach.

Required:
a) Explain FIVE (5) benefits the consultative leadership approach will contribute to the achievement of the company’s objectives. (10 marks)
b) Explain how the management of the company would apply Maslow’s theory to motivate the employees. Your explanation should include TWO (2) strategies at each level of the hierarchy. (10 marks)

Answer

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Tags: Consultative Leadership, Employee Motivation, Leadership, Maslow’s Hierarchy, Organizational Objectives
Level: Level 1

Topic: Management and leadership, Motivation
Series: APR 2022

BMIS – April 2022 – L1 – Q3b – HR – Training and development

Explain four objectives of training and development in a business organization.

Question

In a period of financial downturn in the economy with its effect on businesses, organizations most often than not, reduce or cancel the training budget. Everest Ltd. is faced with a decision on whether to reduce or cancel its training budget.

Required:
Explain FOUR (4) objectives of training and development in a business organization for which the training budget should not suffer because of economic downturn. (10 marks)

Answer

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Tags: Change Management, Development, Employee Performance, Motivation, Training
Level: Level 1

Topic: HR - Training and Development
Series: APR 2022

BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

Question

You are the Accounts officer for Unimech Garages, a company that provides mobile vehicle repairs for faulty vehicles on the Accra – Kumasi and Accra – Takoradi highways. The company has adopted the Just-In-Time (JIT) inventory control system for its operations. The JIT inventory control system was adopted because all repairs performed vary from vehicle to vehicle, and there is no need to stock any spare parts since the repair team has no idea of the next repairs to be conducted as well as the type of spare parts they would require. Again, this inventory system was implemented to prevent employees from committing the offence of selling stocked spare parts for their individual gains.

Required:
Suggest FIVE (5) benefits the company would derive from this inventory system. (10 marks)

Answer

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Tags: Cost reduction, Inventory Management, Just-in-Time, Service Quality, Waste Control
Level: Level 1

Topic: Operations strategy
Series: APR 2022

BMIS – April 2022 – L1 – Q2 – Finance, R&D and marketing strategies | The external environment

Discuss the benefits of penetration pricing, the difference between mission and vision statements, and economic factors influencing facility location in Ghana.

Question

Vagen Ltd, a German automobile manufacturer, has completed building an assembly facility in Ghana to manufacture and sell vehicles in Ghana and in other African countries. For the company to gain a foothold in the African market, it carefully applied the penetration pricing strategy and developed clear mission and vision statements to facilitate successful operations in this new market.

Required:
a) Identify FIVE (5) benefits the company would derive from the penetration pricing strategy. (5 marks)
b) Explain the difference between the company’s mission and vision statements. (5 marks)
c) Explain FIVE (5) economic factors that might have influenced the management of the company to locate the assembly facility in Ghana. (10 marks)

Answer

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Tags: Economic Factors, Facility Location, Mission Statement, Penetration Pricing, Vision Statement
Level: Level 1

Topic: Finance, R&D and marketing strategies, The external environment
Series: APR 2022

BMIS – April 2022 – L1 – Q1b – The business organisation and its stakeholders

Explain what a public limited liability company is and discuss two features of a private limited liability company.

Question

Nkaagi, your long-time family friend who is an Engineer by profession, recently took over as the Chief Executive Officer of Wakawaka Investment Ltd, a company listed on the Ghana Stock Exchange. He has on several occasions complained about the many legal requirements they have had to contend with and has now approached you for advice on the benefits to be derived from converting a public limited liability company into a private limited liability company.

Required:
i) Explain what a public limited liability company means to Nkaagi. (4 marks)
ii) Explain TWO (2) features of a private limited liability company. (6 marks)

Answer

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Tags: Capital, Legal Structure, Private Company, Public Company, Shareholder Rights
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: APR 2022

Series: APR 2022

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SCS – Apr 2022 – L3 – Q8 – Controlling risk

Explain five factors of internal control that HPC can implement to strengthen governance.

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SCS – Apr 2022 – L3 – Q7 – Professional practice and codes of ethics

Discuss key governance issues based on Ghana’s Code of Best Practices considering the Board Chairman’s intentions.

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SCS – Apr 2022 – L3 – Q6 – Investment decisions

Compute NPV for two investment options and evaluate potential benefits and difficulties for HPC.

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SCS – Apr 2022 – L3 – Q5 – Identifying and assessing risk

Discuss eight business risks faced by HPC and recommend mitigation strategies based on the Turnbull Report.

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SCS – Apr 2022 – L3 – Q4 – Strategy implementation

Explain why HPC’s decentralized system is preferable to a centralized system.

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SCS – Apr 2022 – L3 – Q3 – Competitive advantage

Analyse how HPC can achieve competitive advantage using Porter’s six principles when expanding to Nigeria and Togo.

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SCS – Apr 2022 – L3 – Q2 – Environment analysis

Discuss HPC’s external business environment using PESTEL and evaluate limitations of PESTEL.

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SCS – Apr 2022 – L3 – Q1 – Strategy, stakeholders and mission

Discuss stakeholder groups' influence on business decisions using Mendelow's matrix.

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FR – April 2022 – L2 – Q2c – Conceptual Framework for Financial Reporting

Determine the appropriate accounting treatment for a government grant received by Karikari Ltd for the purchase of a new plant and its impact on the financial statements.

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FR – April 2022 – L2 – Q2b – Financial Reporting Standards and Their Applications

Prepare extracts for the Statement of Financial Position and Statement of Profit or Loss for Kundugu Ltd in 2020 and 2021, accounting for a lease agreement under IFRS 16.

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BCL – Apr 2022 – L1 – Q2a – Contract Law

Discuss entitlement to remuneration under quantum meruit and identify situations where a contract can be discharged.

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BCL – Apr 2022 – L1 – Q1b – Public sector entities, Contract Law

Explain money laundering, its stages, and list anti-corruption institutions in Ghana.

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BCL – Apr 2022 – L1 – Q1a – Sources of Law

Explain the concept of judicial precedent and identify rules for statutory interpretation.

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BMIS – April 2022 – L1 – Q5b – The internet, cloud computing, IS security and blockchain

Explain four measures to prevent the repetition of a hacking incident in a company’s network.

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BMIS – April 2022 – L1 – Q5a – Competitive advantage and strategic direction

Explain the concept of the BCG Matrix and its importance in assessing product lines.

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BMIS – April 2022 – L1 – Q4 – Management and leadership | Motivation

Discuss the benefits of consultative leadership and explain how Maslow’s hierarchy of needs can be applied to motivate employees.

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BMIS – April 2022 – L1 – Q3b – HR – Training and development

Explain four objectives of training and development in a business organization.

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BMIS – April 2022 – L1 – Q3a – Operations strategy

Suggest five benefits a company would derive from adopting the Just-In-Time (JIT) inventory system.

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BMIS – April 2022 – L1 – Q2 – Finance, R&D and marketing strategies | The external environment

Discuss the benefits of penetration pricing, the difference between mission and vision statements, and economic factors influencing facility location in Ghana.

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BMIS – April 2022 – L1 – Q1b – The business organisation and its stakeholders

Explain what a public limited liability company is and discuss two features of a private limited liability company.

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